Litecoin Price Is Increasing & Forming A Support Base
Over the period of past three days have been observed a negative move from the $170 axis level in litecoin price versus the US dollar. Before the appearance of the buyers the LTC/USD pair traded close to the $150 level.
Observing the schedule traded at least $ 151.01 before the upside correction begins. It rose recently and moved above the 23.6% Fibonacci retracement level of the last negative move from the $168.50 high to $151.00 low.
Moreover, key bearish trend line with stability at $157 which followed this week was smashed on the hourly schedule of the LTC/USD pair. The pair even reached above the $158 level and fixed above the $156 stability.
For today, the price is struggling to clear the 50% Fibonacci retracement level of the last negative move from the $168.50 high to $151.00 low at $159.80. A clear break above $159.80 and $160.00 is needed for buyers to gain potential dynamics.
One time there is a break above $160, the price may rise further towards $162 and the 100 hourly simple moving average. In the future above $162, the price can probably move past $165 to recheck the last variation high at $168.50.
On the one hand, the broken resistance levels at $156 and $155 will probably operate as proper supports should there be a correction.
The overall shift slowly becomes positive, but a break above $ 160 and $ 162 is required for litecoin rates to get the dynamics. On the other hand, a dip below $ 155 could push prices back to $ 150.